Our company recently intends to carry out re-export trade business, but we are not quite clear about the relevant regulations on foreign exchange declaration. I'd like to ask whether foreign exchange needs to be declared for re-export trade? If so, how exactly is it declared? Will it be very complicated? I hope friends who know about this can help answer it. Thank you.
Want to understand what re-export trade foreign exchange income is, along with its practical operational procedures and considerations. The best answer explains that re-export trade foreign exchange income refers to the foreign exchange earnings obtained by domestic traders in re-export trade when purchasing goods from overseas and selling them to third countries. Practical operations involve contract signing, transportation, and foreign exchange receipt, requiring attention to trade authenticity verification, exchange rate risks, etc.
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Professional consultant answers
Emily LiuYears of service：10Customer Rating：5.0
Settlement and payment expertConsult
Foreign exchange needs to be declared for re-export trade. This is because re-export trade involves the transfer of goods ownership and the corresponding capital flow, and foreign exchange declaration can ensure that the foreign exchange management department accurately grasps the situation of cross-border capital receipts and payments.
The declaration process is roughly as follows: When receiving foreign exchange income from re-export trade, enterprises should handle the indirect declaration of balance of payments statistics through financial institutions as required, fill in the relevant declaration forms, and truthfully declare information such as transaction codes and transaction remarks. For example, the transaction code is usually "122010 Re-export trade". When declaring, relevant contracts, invoices, bills of lading and other materials related to re-export trade should be provided to prove the authenticity and legality of the transaction. Although there seem to be quite a few procedures, as long as the materials are prepared according to the regulations, the declaration is not particularly complicated. Enterprises must attach importance to foreign exchange declaration to avoid being punished for violations.
William YangYears of service：5Customer Rating：5.0
International logistics consultantConsult
Foreign exchange must be declared for re-export trade. Otherwise, the foreign exchange receipts and payments data will be incomplete, and there may even be penalties. The declaration is just to fill out the declaration forms as required, write clearly the relevant information of the trade, and it's not difficult.
Amanda YangYears of service：3Customer Rating：5.0
Cost control consultantConsult
Foreign exchange needs to be declared. Now the foreign exchange management is very standardized, and the capital transactions in re-export trade must be recorded clearly. Just provide the materials and declare according to the requirements of the bank.
Michelle ChenYears of service：3Customer Rating：5.0
Business coordination consultantConsult
It must be declared. If foreign exchange is not declared, there may be problems with the subsequent capital flow, which will affect the reputation of the enterprise. Declaring according to the regulations is beneficial to the enterprise.
Andrew HuangYears of service：7Customer Rating：5.0
Supply chain optimization expertConsult
Foreign exchange needs to be declared for re-export trade. This is a necessary process in foreign exchange management. Declaring according to the regulations by enterprises can ensure the normal flow of capital.
James LiuYears of service：10Customer Rating：5.0
Foreign trade tax refund consultantConsult
It needs to be declared. Enterprises should truthfully declare the foreign exchange receipts and payments situation of re-export trade to the bank according to the requirements of balance of payments declaration.
Joseph ZhouYears of service：10Customer Rating：5.0
Senior foreign trade managerConsult
The foreign exchange of re-export trade must be declared. Submit the real transaction materials to the bank and complete the declaration procedures, and there will be no problem.
David LiYears of service：6Customer Rating：5.0
Senior customs declaration consultantConsult
Of course, foreign exchange needs to be declared. This is a means to standardize the capital management of re-export trade, and it is very important for enterprises to actively declare.
Robert ChenYears of service：6Customer Rating：5.0
Customer service consultantConsult
Foreign exchange must be declared for re-export trade. This is the regulation of foreign exchange supervision. Just do a good job in the declaration work according to the process.
Elizabeth LiYears of service：3Customer Rating：5.0
Compliance and risk managerConsult
It needs to be declared. Enterprises should cooperate with the bank, provide materials as required to complete the foreign exchange declaration, and ensure the smooth progress of the trade.